Wednesday, December 10, 2008

The Chutzpah Award goes to Franklin Raines

who complained that regulators did not do enough to stop Freddie and Fannie from buying high-risk mortgages. I don't know where to begin on that one. I would say it's like a teenager who insists that you let him go to a party, then after he gets drunk and gets put in jail complains that you needed to give him more supervision. But it's even worse than that, considering all the lobbying Fannie did under Raines with the main purpose of emasculating regulation.
UPDATE: John Lovelace submits a worthy alternative:

Is this what you call chutzpah? Sen. Chris Dodd of Connecticut has demanded that the chief executive officer of General Motors resign because of the management of GM during his tenure.

Isn’t this the same Sen. Dodd who along with his House counterpart Rep. Barney Frank continued over the years to tell the public that Fannie Mae and Freddie Mac were fine upstanding organizations with no financial problems while they were in fact in the process of collapsing?

Additionally, wasn’t Sen. Dodd the one who took sweetheart loan deals from Countrywide Financial?

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